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The Payday Application Process

The usual requirements for loan approval are US citizenship, a minimum age of 18, a steady job, a minimum monthly income of $1,000, and a checking account. Some lending companies have additional requirements. They might require a current employment history of 3 to 4 months and a checking account with that same length of time. If you do not have a checking account, some companies will settle for a savings account. For self-employers, bank statements verifying your income for a number of months will be required. Except in the last case, payday loan companies on the Internet rarely ask for written confirmation of the information you supply.

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You can find an online application form on the lender’s web site. The payday loan service will request information confirming you meet the standard requirements. In addition, you will be asked for your Social Security Number and bank account information. After completing the application, the payday loan service will check that your information is correct by going through a number of databases at their disposal. Very few will run a standard credit check. There are a number of payday loan types that guarantee the lender will not check your credit, such as Bad Credit Payday Loans and No Credit Check Payday Loans. Should you choose a payday loan service that runs credit checks and your application is denied due to poor or bad credit history, there are a number of options you can try instead.

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After reviewing your application, the lender will either contact you by e-mail or over the phone, and you will then agree on a time frame for payment and the fee for the loan. All further details about the loan process will be discussed at this point. You will learn when you can expect the money to be in your checking account. It is not unusual to wait 3 to 5 business days before you can withdraw the money, even if the lender processes the loan the same day. However, there are companies that can get the money in your account the following day. For an additional fee, some Payday Loan companies can offer same day loans that are wired directly into your bank account immediately after your application is accepted. Be aware that there is a good chance your bank will charge you an additional wire-receiving fee. If immediate cash is a must, this is a possibility – but a very expensive one.

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When applying for an online loan, it is very important to be aware of the risks you run. By being very careful about those parties with whom you share sensitive information, you can prevent serious harm, such as identity theft and other scams. The online application forms used by payday loan services are necessary tools for them to gather information. However, you are sharing very private and personal information which you do not want to fall into the wrong hands. The CFA surveyed 100 random online payday loan services, including companies that offer No Fax Payday Loans, Instant Payday Loans, Bad Credit Payday Loans, and Low Fee Payday Loans. As many as 28 of these companies did not provide secure connections on their application pages. This means anyone with a reasonable knowledge of computer hacking could collect personal financial information. It is advisable to opt for payday companies which take measures to ensure the security of your sensitive information.

Another thing to look out for is the privacy policy of the payday lender. To be on the safe side, check to make sure your lender has posted a privacy policy stating they do not authorize information sharing for third party marketing purposes.

Do your homework and research the online payday loan companies you are most interested in. This could save you from future hassles. Find the one that fits your needs best, is secure, and will not sell your information.

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* Payday Today is not a payday lender or broker. We provide research and information about payday lenders and products, and are not necessarily affiliated with the companies featured on this site. Availability of products and services varies by state. Not all independent lenders will approve you for a loan or can provide you with up to $1,000 on your first loan.


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